CARES ACT Signed Into Law

Today, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19. This massive $2 trillion stimulus bill is aimed at shoring up the U.S. economy in light of the disruption caused by the coronavirus pandemic.

Key Takeaways for Employers

  • Delayed payment of the employer portion of social security taxes for 2020

  • Extension of unemployment benefits

  • Small Business Administration (SBA) loans made widely available (-) Maximum loan amount is lesser of 2.5 x average monthly payroll costs (which excludes any comp above $100k for any person) or $10 million (-) Use of loan proceeds limited to: payroll costs (which excludes any comp above $100k for any person), group healthcare benefit costs and insurance premiums, mortgage and rent payments, utilities, interest (but not principal) on debt that existed as of 2/15/2020 (-) Loan forgiveness: provided loan is used for above mentioned purposes, and forgiveness is reduced if employers lay off workers

The Small Business Investor Alliance has put together a top-line summary (link below) of the provisions in this act that pertain to securing the necessary funds to maintain employees and operations in these uncertain times.

Although much is still uncertain, we at On-Time Payroll believe the SBA loan in the CARES ACT will be the most viable solution for many of our clients.

If you have any questions, feel free to reach out to us at or call us at 781-209-1188.

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On-Time Payroll is Boston's Premier Payroll Service Bureau


Since 2006, we've been helping small to midsize businesses run more efficiently by combining the streamlined payroll management capabilities of an industry leader with the kind of personal attention that a local firm can provide. By offering a vast array of services such as timekeeping, HR solutions and workers' compensation in addition to payroll and tax services, we can develop a customized solution that meets all of your company's needs - and can do it cost-effectively.

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2 Winter St, Suite 101

Waltham, MA 02451

P: 781.209.1188

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